Good morning, everyone, and welcome to the BioLargo Annual Second Quarter 2025 Earnings Results. At this time, all participants have been placed on a listen-only mode, and we will open for questions following the presentation. If anyone should require operator assistance during this conference, please press star zero on your phone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Brian Loper, Director of Investor Relations at BioLargo. The floor is yours. Great, thank you, Operator. Good morning, everybody. Welcome to BioLargo's Second Quarter 2025 Earnings Results Conference Call for the months ended June 30th, 2025. By now, everyone should have had access to the earnings press release. This call is being webcast and is available for replay. In our remarks today, we will include statements that are considered forward-looking within the meanings of securities laws, including forward-looking statements about future results of operations, business strategies and plans, our relationships with our customers, market, and potential growth opportunities. In addition, management may make additional forward-looking statements in response to your questions. Forward-looking statements are based on management's current knowledge and expectations as of today and are subject to certain risks and uncertainties and may cause the actual results to differ materially from the forward-looking statements. A detailed discussion of such risks and uncertainties is contained in our most recent Form NQ, NK, and other reports filed at the SEC. The company undertakes no obligation to update any forward-looking statements. With that, I will now hand the call over to BioLargo CEO, Dennis Calvert. Brian, thank you very much, and thank you, everyone, for joining us. We're excited to be here and share an update on the current events at the company. I want to also point out that most recently we put out a press release just two days ago that offers a brief summary of a lot of the content we're going to talk about today. Also, just a few weeks ago, we put out a stockholder letter, which goes into a very deep dive. Those two pieces of information will be very helpful as you want to drill deeper into this presentation. At the end of this presentation, we did some bullet point summaries of some of those key points. It's so much. I really believe that we can lean on that as opposed to cover all that in this presentation. Okay, innovation engine for a better tomorrow. We make life better. Purpose-driven innovation, right? The pillars of our company rely on a high degree of purpose, impact investments, focused on the gaps in the market, cutting-edge technology, highly qualified people. We've been doing this for quite some time, and we're now at the point of, we believe, harvesting the fruits of our investments over an extended period of R&D cycle and investing. Who are we? Innovator scientists, passionate about sustainability and human health, driven by a purpose to make life better. It's a high calling, of course. Best-in-class solutions. We don't believe it's number one. We won't continue to invest. Number one is a big claim. It's always a debate. We understand it. When you look at each of these technical platforms, there's a myriad of claims associated with these technologies that we believe can make it number one. For example, it works, but it's safer. Safety being a key feature. Big claim. In each of those, that requires discernment, but we welcome the debate. We do believe they have a chance to really transform markets. Focus where there's a gap. Gap in the market, not being filled by an incumbent. Aim for partnerships and capital-conserving strategies, leveraging intellectual property, supply chain, partnerships on really tackling a distribution challenge at a global scale. That's how we approach our business. In the portfolio, there's a number of commercial assets at each of different stages of development. At the parent company, of course, we've got our brilliant engineering team, seniors, it's a whole crew of people that hail from 25 and 30 years of experience at a global scale. Very large, important projects. Highly skilled people, R&D at the campus of the University of Alberta, also an important component of our portfolio. These enterprises support the commercial activities. Remember our structure. We form a subsidiary. We license into it. We incubate, if you will, these technologies for commercialization. That allows for direct investment, allows for partnership to be created, and gives us leverage at the parent company to really focus on leveraging our core competency of science and engineering, the innovation cycle, and supporting these commercial efforts. Ultimately, they're all for sale. Important to also know. I like this next slide. It's important because what's often missing is the unseen value. When you're incubating, when you're developing new technologies, it takes some time for adoption, for commercial traction, regulatory approval, all the myriad of challenges that you must overcome to success. There's a reason. The reason is both impact and value, right? The unseen value. As they find commercial success, given our business model, our strategy, we believe the unseen value can be enormous, especially when you position these products for adoption where we might participate in a supply chain, partner for distribution, work to spread, and also build equity value that creates an exit. Because we have a portfolio, the exit value is super critical. It's often missed. It's a mistake to think of our company as a function of the revenue or earnings only. This equation has to go into the equation. It's hard for people to do that. We understand that. It's difficult because it requires a technical deep dive. It's not a drive-by. You have to peel the onion,1 understand what Clyra is doing, understand what our PFAS solution means, understand what the battery technology means to really the electrification of the world in a trillion-dollar business. I mean, it's an astonishing value proposition. In each of these, as we said, unmatched technologies, capital-conserving, HQP, highly qualified people, driven on purpose. As we dissect those, the execution of that, of course, is the risk. We must execute, we must find a channel, get through regulatory burdens. The odor, ONM, is the most mature. We're going to talk about the bumps we've had in the last six months in some detail and the implications financially. We're still very hopeful about its future, by the way. We'll highlight that. CLEAR Up, my goodness, 13-year march to success, a significant investment, just under $20 million total invested capital. Now poised for significant success with distribution partners of global acclaim, as well as regional and two product categories going to market. A significant investment in the last 12 to 18 months in preparation of a launch of significance, dramatic significance. We are preparing for that as soon as possible. We'll talk about the timelines, and I'm sure that will come up in the Q&A. Just want to remind you, the details on all these are in the appendix on this presentation, which we'll just mention and then share in writing so people can go back. PFAS, long slug, lower margin, very difficult market, strategic for both the United States and industrial nations on a global scale. We are the cutting edge. We believe we're number one in that space, and we're going to win. Battery tech. Battery tech's a big deal, right? Don't sell batteries, sell battery factories. A pretty basic business model. I'm going to detail some of that briefly because it's just an incredibly exciting component of our business. We've been marching towards success for a number of years. I think our total invested capital is somewhere around $2.5 million to get to where we're at. Now, that's a dramatic number. It's dramatic because if you showed me a company that had a breakthrough technology for battery tech with prototypes in hand and basic proof of claim on the technology as we have, right? That was published just a couple of months ago, third-party validation. Those companies probably spent either a career or $25 million- $50 million. We've done this with a couple of million, $2.5 million. It's an astonishing achievement with such low capital. It is slow. It's taken some time. It took us a while to redesign, revalidate, and improve upon the work that was done by the original inventors. We're fortunate to have one of the co-inventors on our team, and we're marching towards success. The business model itself is really critical. We present a breakthrough technology for long duration. Long duration storage is the idea of creating batteries that are grid scale on a fixed site that can be used to balance a grid, offload renewables, provide emergency backup for mission-critical, like Data Centers, one of the fastest growing segments in the world. Then arbitraging energy, right? From the time you buy it to the time you use it. You buy when it's low, you use it when it's high, you use the battery technology to store that energy so that you can arbitrage the spread. All of those need applications are expected to grow to approximately between a $3 trillion and $4 trillion market over the next 15 or so years. That was published by The Economist in September of last year. Just two weeks ago, an article came out from Fortune Magazine talking about the next trillion dollar investment cycle. That's in Energy and Energy Storage combined with Big Data, Data Centers, AI-driven. This is a tool that has an insatiable demand. With that demand, we believe the thesis is pretty basic. If you have a good battery, and even if you have a better battery, like we do, a good battery, by the time you get to scale, you can sell all you can make before you can make them. With that premise, we're out recruiting partners to form joint ventures to create battery manufacturing facilities. We'd indicated in our prior disclosure that we've executed four MoUs for a myriad of clients, but I want to go up to a little bit higher level and share that with you real quick. There's really three categories that are sort of shaking loose on that business deal-making, right? One would be impact. What does that mean? Impact. People that want to see employment. They'd like their 500- 1,000 people employed in their community. That's one. Workforce development, workforce training, high-tech job creation, right? This initiative to bring back high-tech manufacturing to the United States of America to support this global transition, right, to the demand to supply energy real-time, all the time, with resiliency to back up the grid, to back up the emergency use and the need to be live real-time all the time, right? That's resiliency, redundancy is what that's called. When you look at the impact, there's people that want to see that happen that are willing to put financial resources available to see these factories come to their community and solve some of those big problems. What's fascinating is, over time, it begins to look very much like real estate. Of course, it's manufacturing. It's got some high-tech component. There's basically project-oriented financing. We believe that the public funding available in both states, regional, national, international is substantial because people want the answer. It's part of a national agenda. We can see that as evidenced by historical tax credits and many incentives to bring these high-tech jobs to a community, to a country, to a region, right? Our plan is well designed to leverage that type of financing. That is impact financing. The second would be financial opportunity, right? Developers. Think about developers. They build, they develop, they create equity value, and they sell. That is a developer mindset. There is a whole world of developers that want to see, want to leverage, have the opportunity to leverage the kind of opportunity that we bring. We are selling battery factories, not batteries, right? Finally, the third, which we call more of a strategic. Who would be a strategic partner? Energy companies, data center developers, big data, people that are really in the business. They are providing AI. They have such a significant capital base and high growth trajectory. I would argue, and it is an argument, we are actually working on some article to this effect, but I would argue that if you listen to the financial news regularly and you listen to all the chitter-chatter about AI and data centers and this exploding industry and the demand, you are going to notice the caveat that the CEO will always say. He says, "If we can get enough energy or enough storage to meet our demand, then we can meet our target. Then we can meet our target." When you go into this industry and you peel back the onion on supply and energy and access to the grid and this issue of resiliency and redundancy and access to storage that cannot catch fire, that can be drawn upon for a long, extended period of time because the grid is unable to meet the insatiable demand for energy, that is what we are talking about, then you will see what we see, which is a massive gap in the market that we intend to fill. We believe we can fill it. We have got the right people, right strategy, and we are executing on a daily basis. It is very exciting. The next step for us is really pretty basic, which is to take our MoUs and move towards definitive contracts. Definitive contracts will become then hard money in the real estate lingo. Who is going to write a check? Make sure that we have the tools to execute in a specific location. In that business model, we're getting actually paid to design, project manage, build these factories in exchange for a piece of income on a royalty and an equity participation that we negotiate as a minority equity stakeholder. This is a very capital-conserving strategy that has the ability to scale at a global level. Just think about it, right? Where are we limited? We're limited by capital, just like everybody else. The difference here is in the benefit of the bargain. The benefit of the bargain for our partners, we're actually giving more than we're taking. Why can we do that? Because we're thinking globally. We think that this is the kind of technology that needs a global rollout. It needs a global scale. The world needs it. The data, these data companies, these data center managers, and big AI providers need energy and energy storage in an insatiable way. We think it's an extraordinarily rare moment in a corporate journey to be well positioned. Now, remember, one of the common questions we always get is, who are you and how in the world do you have a technology for long duration that's, quote, "better" than what's available in the market? That goes to the tribute to the inventors that spent almost a decade inventing this technology with all that R&D prior to our involvement. It really is a compliment to the work. The work of discovery, the work of testing and failing, expertise, of course. We're fortunate. We're fortunate to be here to take up where they left off, to then revalidate that technical achievements, prototype, scale up, develop the scaling model, develop the business model, develop the way to produce at scale manufacturing. That's where we're focused, and we're leveraging on technology that is an absolute winner. An absolute winner. I'm going to drop that. We'll come back to those questions in a minute. I'm going to turn this next topic over to Charlie to review some of the basic economics of our performance over the last quarter and year to date. Go ahead, Charlie. Charlie Dargan, our CFO. Yeah, thanks, Dennis. Good morning to everyone. We get to this part of the presentation that's just going to talk briefly about our numbers. We publicly filed yesterday, so you have them. This slide represents where we are on our net stockholders' equity. Even though we've had losses over the last six months, we've been able to maintain our equity position through raising capital, equity capital, certainly through BioLargo, but also through Clyra. We did some warrant exchanges. That has allowed us to be right around $6 million and maintaining $6 million in our equity. The rest of the balance sheet, we've got $12.5 million in assets. We still are on about $3.5 million of cash. You'll notice that we now have a note receivable, and that's related to Ikigai and POOPH. They are maintaining the payments on the note receivable, so that's why it's current. Regular AR. We have about $1.7 million in equipment and leases. On the other side of the balance sheet, you'll notice that our debt obligations have gone up a little bit, but most of that's related to Clyra and Clyra getting ready to launch the wound care product. For us, we're in a good space. The balance sheet is strong. We move forward. From the P&L perspective, we only did about $3 million in revenue versus $5 million last year in the three months ended June 30. In the six months, we did $6 million in revenue versus almost $10 million last year. Pretty much all of that's related to, as we've spoken and disclosed, and I'm sure Dennis will talk further, Ikigai and the reduction of sales with the POOPH product. You'll notice that our service revenues have gone up dramatically. We've gone from $300,000 to $1.2 million in the six months. In the three months, we went from $125,000 to $771,000. We've been improving there, increasing our revenue there. The best part is we've maintained our margins. We actually improved margins in the three months, but in the six months, we maintained them. We're not losing on the margin side. It's just a reduction in sales. S G&A, we've maintained. We're very vigilant about maintaining and managing our expenses, certainly as we're in a reduced revenue time period, but we're managing our expenses. When you go to the cash flow, you'll notice, obviously, our usage of cash in operating activities went up. If you look at it, it's pretty much all because of carrying the accounts receivable or note receivable. The rest is in Clyra. Charlie Dargan and Clyra, right? Yes. And Clyra. Yes. Totally agree. And Clyra. It is important there to note that, like I said, Clyra is now ramping up for production of the wound care product as we hope that next year we'll be launching it. It is not that we're spending. We're spending because we need to. I think that's pretty much it, Dennis. Anything else? Otherwise, it's back to you. No, thank you, Charlie. Very good. Yeah, if you look at the investments that have been made at Clyra to ramp up infrastructure and the logistics of preparation for scale manufacturing, it's pretty dramatic. It represents a major portion of our net loss. Yeah, we've been very diligent to maintain consistent overhead. We shrink when we can. Very, very careful, especially when we have not been able to rely upon the cash flow that we were historically reliant upon for the POOPH sales. We are thankful that Ikigai and POOPH have been able to maintain their payment schedule, which is great. We're really hoping for the best and doing everything in our power to support them as they reposition themselves for growth. We remain optimistic. People often ask the question, you know, predict the future. I'm like, I wish I could. I think we're at a spot where what we know is true, right? What we know to be true is they're very good at marketing. They're very, very good at selling product. If they can find, if they can get in a strong position to do that, they'll do well, and they can sell themselves. They probably could sell themselves out of just about anything. We're hoping for the best and want to support them as best we can. We also want to do that in a very careful way to preserve the integrity of our position, our position relative to financial implications. We didn't sign up to be the bank. We do find ourselves providing financing for our partner, which puts a heavy burden on us. I will say that in my opinion, the fact that we've been able to do so is a testimony to our business strategy and our management. We're doing a good job of managing a very difficult spot. We're hopeful that they'll stabilize and continue the growth track that we know they're capable of, right? They're extraordinarily skilled in that area. Of course, they're great products. We're hoping for the best. We do have a lot of uncertainty. I will comment on the management side. Uncertainty is difficult. It makes us operate in a way that will not allow us to assume that we're going to receive the payments that we expect. That makes us shore up our capital position so that we, as we say, save for a rainy day. We're really good at saving for a rainy day, and as evidenced by our net shoulder equity. You know, we're just not going to allow uncertainty to overrun the company so that we can survive and thrive because the unseen value is multiples of our current valuation. That's just the reality. Keep them alive, get them into the go mode, make sure Clyra gets to the starting gate and can start really capturing the value that we've invested now 13 years and massive sums of money to get to. Do its purpose, impact the world for a greater good. I mean, that's what it is. It's going to transform the industry, we believe, and has a chance to be a dominant player in its market space with some of the largest partners in the world really featuring a technical breakthrough for patient outcomes for infection control and wound care. Okay, same thing with battery tech. You got to get to the starting gate. We're knocking on it. We see it. We see it. It's in sight. We know that there's public funding. We know that there's a trillion-dollar market on the other side. We don't know of any technology that matches the technical prowess of what the technology can provide. We just don't. We say it often. We say we believe it's number one. Let's just be clear. We believe it's number one. That's an argument. It's an argument based on the entire product feature, right? High energy density, high efficiency, 95% round-trip efficiency, low cost of goods, recyclable components, no rare earth elements, no China supply chain, right? It's a perfect situation for bringing high-tech jobs back to the U.S. of A. Of course, our strategy is to build factories with partners. It's a great model. Why, again, why do we highlight it? It's worthy of our pursuit. It's worth it. Yes, there's some things we got to get through. Pull in those partnerships, get them into definitive contracts, pull in the financing, you know, leveraging public financing wherever possible, and get on with our purpose, which is the point. That's a lot. Okay, now I just want to point out, I'm not going to go through these, but I just want to open up for questions. When we go into the appendix, we took the press release and it's really simple. We took the press release. I'm just going to highlight them so you see they're there. We'll come back to them. Appendix of highlights. We took the press release and we took the shorter letter and as well as the Q, and we consolidated those into a bullet point presentation for each operating unit. I'm not going to read them all. It's a lot. Clyra, they're all in those documents we just referenced. I'm just going to show you they're here. Energy, why is it important? Each one of these becomes a thesis for defense of our strategy, and we think it's credible and real, and there's substantial activity in each. Each one we break down specifically. We might refer to those when we talk about Q&A. Let's stop now, open this to Q&A, and then see if we need to drill deeper on any of these items. Brian? All right, all right. Thank you for that. Exciting stuff. Question. Can you provide any additional insight into the challenges and successes to the barriers to entry for the Solenity battery? Sure, I can actually. Let's do, let's say here, I'm going to pull up that slide so that you can see it. I hope you'll listen while I'm talking. Yep. Yeah, the barriers to entry. I have an unusual perspective. When we were asked to join the Environmental Technologies Trade Advisory Committee for the Secretary of Commerce, I kind of thought to myself, what do I have to share with this team of 40 people that are representatives on the front line of industry in the environmental technology side? Over time, I really challenged myself to add value, to do something worthy of the time that it requires for both our company and for the United States of America. It became very apparent that our experience, BioLargo's experience, my personal experience in innovating across multiple industries gives us an insight to the barriers to entry and both regulatory frameworks, incentives, incentive structures, competitive barriers, supply chain barriers, all these things that come to bear on the execution of strategy. The battery tech's no different. In the battery technology, the first challenge is technical proof of claim. We've achieved a lot of that. The next step will be to take that, the cell technology in a scaled-up version, which we're doing now, assemble cells into a larger module. Cells go into racks, racks go into a pack, and you put a computer on the top, and that computer distributes energy, and it measures electricity flow in and out of the cells. You do computer modeling to replicate its interaction with the flow of energy that mimics the activity of the grid or renewable energy, whatever use case you want to use. That piece of the puzzle is really critical to adoption. It is ahead of us. We haven't done it. From a science and engineering perspective, what I can say is that for science and engineering, it's not fearful at all. It's an engineering task. It needs to be done, of course. For non-technical people, it can be a much bigger issue to overcome. For technical people, it's not as big of an issue, but you have to do the work. That'll take some time and some money, but it's all achievable. The second is we're going to need to scale manufacturing. Tesla's notorious for its vertical scaling capability. I think they went into South Haven, Tennessee, close to my home in Memphis, and they built, they opened a factory and went live in less than a year, is my understanding. A gigafactory, meant massive installation, billion-dollar installation. You took over an old building and turned it into a battery factory. That's a company that's, I don't know how many they've done. I suspect 20 or more manufacturing facilities of gig scale. They did it very, very fast, and they have achieved scale because they've got so much history. They're brilliant at that. They're brilliant at that. That's both expertise and capital for deployment. Hence the reason we're pursuing our strategy, we are, so that we can access that kind of capital in scale globally, right? That execution barrier is real. You have to get to scale because in order to capture the margin on manufacturing, you need to go vertical in accessing the ingredients and then literally making each component in the factory. That means manufacturing electrodes, manufacturing the ceramic insulators, manufacturing the stainless steel, manufacturing the connectivity and the sealing and the loading of chemistry into the pack and the testing, and then the assembly of a pack, a rack, a pack, and a module, and the testing. All of that is designed to be manufactured in our locations that we're focused on forming these partnerships, right? Another significant barrier. From a regulatory barrier, it's pretty low, actually. If you have a battery and you can prove it's safe and you can justify your claim of extended functionality, which is a warranty, then really you just need safety data, and most of that safety data is tied up in the UL certification, which is really pretty basic, okay? It's not a regulatory barrier as much as it is a practical barrier of skilled manufacturing and proving your claim. That's a task. That's a big task, okay? I think the argument for support of our strategy says, we know we have a number one contender. We know it. We're not bashful about it, and we're not afraid, okay? Now we have to prove it. We have to prove it over and over and not screw it up. Make sure we get it right. That's how it works. Along that journey, and here's the way I would say it, from this moment forward, every step we take, we become more credible. Every step we take. If we do the work, we get the prize. We have to do the work. What we believe we can do is provide additional capital that will come into our battery company without diluting the parent. We believe that will happen. We also believe that we'll have these partnerships that will head into definitive contracts, and the contracts will turn into deposits and highly leveraging public funding. Public funding is massive. Don't make no mistake, Tesla. Tesla built their company using federal funding, both the DOE and the tax credits that were available. If you go back and study their business model and how they scaled, they were masters at leveraging those funding tools from the public interest for the initiative of transitioning to an electrification of the world. They did it, and they did really well at it. You know what they didn't do? They didn't focus on long duration. That's where the gap is. They focus on EV charging stations. Now, they have an initiative in the long duration side for that's fixed site grid scales, but they're deploying primarily lithium. There's a lot of talk about alternative technologies coming to market. I would argue that those are years, if not decades, away. There's a lot of work to do. Remember, when we started this acquisition with this battery technology, I asked our engineers if this, you know, just like everybody else asks about us, right? When you hear the story, what's the first thing you think? Who are these people to have a number one technology opportunity in the fastest growing trillion-dollar market in the world? Who are these people? That's what everybody asks. It's a good question, right? Here's the answer. The innovators that spent 10 years of their career, 10 years of their 35-year careers focused on this technology, did the work to identify the secret, the secret to manufacturing, to high energy density, to techniques for manufacturing that made the performance work that we believe will contend for the number one spot in the world. Okay, now what's our job? Take it from there. Take it through the additional journey of scaling manufacturing, dealing with all the critics, overcoming the hurdles, finding the right partners, make the deals. It's very exciting. I know that's a long answer, but I think we covered the barrier and the mission ahead. Next. Yes, sir. Great slide and explanation there. All right, next question. Will BioLargo be funding the cost to build battery factories? Will you be involved in designing and building the factories? Yeah, that's a good question. The business model, again, is unique. In other industries, I had a call with an institutional fund recently, about a week ago, and I listened to the story and he said, you know, it's like Qualcomm on steroids. Listen to that. That's a compliment. I took it as a compliment. Qualcomm on steroids, right? The idea is there's a technology core. At the core, there's technology and there's a strategy. The implementation strategy is to leverage that core competency. Now, we have two core competencies. I would argue two or three. Two obvious ones. One is the technology itself, and the second is the technical support from our engineering group that allows us to actually say to a partner, I'll build you a factory. It will be a good factory, and it will meet its timelines, and it will achieve its success. We stand for that, and we're credible in the position for that sort of strategy. As a result, that venture, that JV, can access public funding, right? The venture will finance itself. That may be financing from a partner. That could be equity or debt. It also could be public funding. We're not the financier of the venture. That means that we're the vendor to the venture. When we vend into the venture, we generate revenue. Revenue in the form of engineering services, project management, the lead on the design, build, the provisioning of the equipment, the training of the staff, and the execution of a production facility that produces batteries that come out the other end for commerce. We get paid to do that. We also ask for a royalty for the transfer of technology into that operation, and then an equity carry in exchange for the transfer of the business opportunity that is forecasted to generate $500 million a year. Understand this, per factory, $500 million a year with a margin that should exceed 16% net income after debt service and after royalty. 16% on $500 million. Run the number. It's over $75 million- $90 million. These are extraordinary opportunities. In exchange for transferring that opportunity to our partner, we get paid. We carry an interest in the venture. What that means is that our balance sheet will not carry the day. It doesn't have to. The ventures can stand alone with the combination of our investor partners, public funding, and the architecture of creating an economic opportunity that's visible to the participants. That's what we're doing. We think that that's a globally scalable model. We're not the check writer. We're the vendor to make those ventures work. All right. Question. What is the latest on New Jersey and the AEC project? Yeah, that's a great question. We did just ship the AEC. We posted some of the images in our social media. You can see those on LinkedIn, on Twitter, on Facebook. I don't know if they've been to our blog yet, but we'll work on that for sure. The unit was packaged up. I think it was last Wednesday or Thursday. Within 24 hours, it landed in Lake Stockholm. It's pretty cool. The images show it's being unwrapped. It's a big forklift, big heavy equipment is moving into the facility. As everybody knows, we were waiting for the general contractor to finish manufacturing. Now we'll go through a setup and a test phase to go live. Remember that we have the state EPA and the federal EPA both agreed to participate in validation work, which is super important because we'll have really the most prominent voice of opinion in the world doing that validation work for us, which would be critical to have an on-site location in which prospective customers could come and touch and feel and see. It's a beautiful machine. It really works. We're very excited. We'll have a go live date soon. I don't know what that is today, but we'll certainly make an announcement when it goes live. It's a very significant, long, hard-fought win. It's a good one. There you go. Next. Here we go. All right. How can you be so confident about Clyra given that it's taken so long? Yeah, it's human nature to wonder, right? When things take a long time, it makes you fearful. I get it. We witness that in the ebb and flow. I would point to a couple of things that are really important. One, we've just raised about $3.3 million in Clyra. Those investors are investing in a private company. That's not BioLargo. That's investing in our subsidiary, Clyra Medical. The capital is really important, of course. We're thankful for those investors. Those investors do have an advantage. You know what that is? They get an NDA. They sign an NDA. They agree not to trade. As a result, they can know what's up. So $3.3 million of investors just came into the company. There's a reason. The reason is because we can see the launch pad in sight. The partnerships are so significant. We also know what we have in terms of the technical prowess of our invention. It's a game changer. It's a winner. It's going to raise the profile for human health. We believe it can do so over a long period of time at global scale. That's what it is. It has a chance to set the standard. With the right partnerships, which we believe we have in place now and are preparing to launch, we can do just that. This is 20+ years of ideas, 13 years of investment, and now a couple of years of really a mad scramble to get those products to be ready for mass production and scale. It's hard. It's difficult. Lots of barriers to overcome. Our partners are very excited. There's been no waning of excitement. We keep checking off the barriers to getting that product ready for scale. As of last count, we're hoping that we can be in a position to finish this next phase of third-party testing the product design for validation for the final logistical paperwork that gets filed with the FDA. We're hoping to get that done before the end of the year. Everything good from there is receiving confirmation of receipt, timelines, training, manufacturing to large opening inventories, and then launching. It'll take a few months from that, but we're still hoping we got a shot at getting that done for Q1. We're not fearful and we're not... I know it tries everyone's patience, but I know that from a value perspective, the Clyra initiative is worth multiples on our current valuation. It's worth it. Okay. Great. Thank you for that. All right. Let's see here. Yep, we have one more that just came in. Do you have insight on POOPH's operations as far as advertising spend, the number of stores that they're in? We don't have a lot of operating insight, and that's part of the problem. It's very difficult to forecast. Of course, with some of the uncertainty on receipt of the money owed to us, it makes us very cautious to do a lot of optimistic forecasting. I go back to the basics, which is they had grown to over $50 million in run rate, which is astonishing. Just about three, three and a half years. That's pretty remarkable. It was in 40,000 stores. I don't know if that's still the number, but whatever's going on there that they need to manage, we believe they can and should and will. We're optimistic in that regard, but we're cautious because they got to do it. We can't do it for them. Of course, we're here to help if we're able. I wish I had more information, but I think that's all I got for the moment. All right. Let's see here. Tell us about your appointment to the U.S. Department of Commerce Environmental Technologies Trade Advisory Committee. Heck of an acronym there. How is this beneficial to BioLargo? I think it's enormously valuable to BioLargo. We were asked to join there. In fact, the language is very specific, so just make sure you get it. It's in the press release that we issued when we started back in January. It was the start. The company, so me, as a person on behalf of BioLargo, was appointed to the committee. That's important to note. I'm there because of BioLargo, right? BioLargo's there because of what? Our technology, right? The decision makers who appointed us there recommended us to the Secretary of Commerce to be appointed. That's how it works, is because of our technology. They see a future for us that's important. That's why we're there. Why is it important? It's mostly PFAS. It turns out there's a lot of other things to talk about because of our experience, and especially in the environmental side. It does a series of things. One is there's a chance for us to make influence. Influence for impact, that's worthy because that will translate to watching. I was named as the Chairman of the subcommittee, which is Enabling Innovative Technologies. I'm the Chairman of the subcommittee. Why is that important? The subcommittee is where the work is. The big committee is where decisions are put forth for public view. We just did some social media posting on the most recent letters of recommendation to the Secretary of Commerce. Those are on my LinkedIn. They're also on the company LinkedIn, so you can see those. We also link them on Twitter as the, you know, X now, of course. You can see all those. The chance as an insider on the front line, on the cutting edge of environmental tech, that's us, to have influence over policy that promotes trade and promotes economic resources to drive adoption of the leading edge of innovative technology. It's all about BioLargo, man. I mean, it's a perfect spot. I'm thankful. I'm learning a lot. Watching all this machine go through and also really understand the fine balance between the trade-off of regulatory frameworks, which is the stick and the carrot, which is incentives. The carrot and the stick, carrot and the stick. You hear it often in regulatory frameworks. Watching that unfold, we have a chance to lobby for, that's not the right word, argue for discernment in the things that can advance America's interests, which is the mission of the Secretary of Commerce under the executive branch. It's not a judicial and it's not a legislative position. It's bipartisan and it's designed to advance American enterprise for the environment and for Americans' interests. It's a great spot. Thankful to be there. All right, all right. There's been a request for me to answer a question. Drum roll. How many employees at BioLargo and related entities? I know this one. I'm pretty sure there's 41 full-time employees, which includes Clyra and your Canadian operations. Clyra has increased from three to 10 full-time employees just this year. Great. Perfect. All right. Okay. I think we're probably going to wrap it up. What do you think? Yep. Sounds good. Thank you for the update, Dennis. Maybe I can do a quick closing. Yeah I'll just encourage everyone to do a deep dive. You know, investors, stockholders that take a deep dive, they want to own a lot of BioLargo, especially when it's cheap. With the pressure that we've been under, we've seen some real pressure on the stock of late. We believe it's a nice situation for the long-term thinker as a buying opportunity. Of course, we'll continue to push on execution. There's so much meat on the bone. I just want to make sure that you see those additional slides in the appendix. They're important. They'll be available online so you can pull those up. Of course, we welcome touching base with our investors anytime. As we say, go BioLargo. We'll keep plugging away. Thank you very much. Great. Thanks, Dennis. Thank you very much. This does conclude today's conference call. You may disconnect your phones at this time and have a wonderful day. We thank you for your participation.